Broker Hybridan has highlighted the “intense activity” of Panther Metals (PALM ) as it continues to work up its Winston tailings project in Ontario.
The broker put out a lengthy commentary on the progress the company has been making following the release of the latest round of results from ongoing vibracore testing work at Winston, part of a broader campaign to produce a mineral resource estimate.
“The work-in-progress at Winston is focused on mineralogical and metallurgical testing and data validation to define metal content, recoverability, and support the preparation of a NI 43- 101 compliant mineral resource estimate,” said Hybridan.
“The metallurgical work is being carried out by the innovative US based Extrakt Process Solutions which is pioneering in advanced non-cyanide mineral processing technologies. The last funding was in February 2026 when £1.2m was raised at 70p a share.”
Hybridan reckons the latest results “show good grade consistency across the vertical depth-profile and laterally between vibracore hole collar locations.”
Vibracoring is a relatively new technology collecting core samples of underwater sediments and wetland soils.
Winston Lake is known to contain gold, gallium, silver, zinc, copper, indium, cobalt and other recoverable minerals.
“The series of results have consistently confirmed the continuity of mineralisation within the tailings,” continued Hybridan.
“The already funded mineral resource estimate work is an integral part of the process to advance Winston towards a cashflow proposition and will be based upon the resource test work programme that is underway and resource estimate. The phased test metallurgical work is to be used for the Recovery of Minerals Permit Application.
Meanwhile, the company continues with its plans to list on the CSX.
View from Vox
Panther continues to show strong mineralisation at Winston Lake, as it presses ahead with its development plans. The shares have recently picked up some momentum, and are now trading at roughly double the levels they were at in December. That being said, further positive newsflow, and the potential influx of Canadian investors following the CSX listing could drive a much more significant re-rating.